Tag Archives: administration

Genting Files to Wind Up Company, Cash Running Out

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Genting Hong Kong has filed to wind up its company as it warned investors cash would run out by the end of January, as the company said it had exhausted all efforts for fundraising.

Genting said it had  “exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements.” in a filing on Wednesday.

Genting did stress that certain operations would continue, including Dream Cruises, as it aims to “preserve and protect the core assets and maintain the value of the Group; however, it is anticipated that the majority of the Group’s existing operations will cease to operate.”

Earlier this month, Genting-owned MV Werften filed for insolvency in Germany.

Genting’s winding-up petition and appointment of provisional liquidators will be heard by the Supreme Court of Bermuda on Jan. 20

Cruise charter firm Floating Festivals enters administration

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Attitude.co.uk

Cruise charter company Floating Festivals has been placed into administration.

The company operated a number of charter sailings with Royal Caribbean but recently confirmed that it had been unable to reach an agreement with the line over the proposed rescheduling of three events to 2021.

Richard Williamson and Christopher Brindle of Campbell Crossley & Davis have been appointed as joint administrators.

A statement on the Floating Festivals website said: “On 20 August 2020 Floating Festivals Limited (‘the Company’) was placed into administration.

“Unfortunately, the company was not Abta bonded. Customers who have paid for cruises by credit or debit card should contact their card provider in the first instance to enquire as to their eligibility for a refund.”

Floating Festivals’ planned events for 2020 including Sail Away with Jane McDonald, Stages and Throwback. The company said the sailings were rescheduled to autumn 2021 but claimed Royal Caribbean then presented it with a new contract with terms “that were not acceptable to Floating Festivals”.

In a statement posted before the company entered administration, it said: “The actions of Royal Caribbean mean that we can no longer continue with Floating Festivals in 2021. We have had two fantastic years delivering some amazing charter cruises. We will be in touch over the coming days to advise customers of the next steps to claim their refund.”

Royal Caribbean confirmed it was processing a refund following the termination of the agreement but said that guest payments were held by Floating Festivals.